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What is an NFT?

Learn more about NFTs, the history and the rise to popularity in the Cryptocurrency World.

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What is an NFT?

NTFs - short for Non-Fungible Tokens - are unique digital assets which cannot be copied and are recorded on a blockchain to verify authenticity and ownership.
 
 
How do NFTs Work?

After an NFT is digitally sourced or created and recorded to a blockchain, an owner’s claim to the NFT can be verified by associating the asset to an address on a blockchain. For example, if an NFT was bought and sold using Bitcoin, one could verify the transaction and ownership on Bitcoin’s blockchain.
 
 
What are NFTs used for?
 
  • Buying: NFTs can be bought using cryptocurrency, which is recorded to and verified on the associated blockchain.
  • Selling: Whether an NFT is organically created or previously bought, they can be sold using cryptocurrency, which is recorded to and verified on the associated blockchain.
  • Collecting: As unique digital assets, NFTs can be collected and treated as pieces of art as a hobby. Similar to traditional art, the value of an NFT may increase over time.
  • Creativity: NFTs are a creative outlet and medium of choice for artists hoping to express themselves while making their art more visible in the digital world.
 
To learn more about NFTs, visit Chainalysis Academy and check out our other free videos on cryptocurrency and blockchain.

If you’re interested in building your overall foundation in crypto knowledge, consider signing up for our self-paced Chainalysis Cryptocurrency Fundamentals Certification.

Video 5m

  • What is an NFT?
  • Feedback

What is an NFT?

NTFs - short for Non-Fungible Tokens - are unique digital assets which cannot be copied and are recorded on a blockchain to verify authenticity and ownership.
 
 
How do NFTs Work?

After an NFT is digitally sourced or created and recorded to a blockchain, an owner’s claim to the NFT can be verified by associating the asset to an address on a blockchain. For example, if an NFT was bought and sold using Bitcoin, one could verify the transaction and ownership on Bitcoin’s blockchain.
 
 
What are NFTs used for?
 
  • Buying: NFTs can be bought using cryptocurrency, which is recorded to and verified on the associated blockchain.
  • Selling: Whether an NFT is organically created or previously bought, they can be sold using cryptocurrency, which is recorded to and verified on the associated blockchain.
  • Collecting: As unique digital assets, NFTs can be collected and treated as pieces of art as a hobby. Similar to traditional art, the value of an NFT may increase over time.
  • Creativity: NFTs are a creative outlet and medium of choice for artists hoping to express themselves while making their art more visible in the digital world.
 
To learn more about NFTs, visit Chainalysis Academy and check out our other free videos on cryptocurrency and blockchain.

If you’re interested in building your overall foundation in crypto knowledge, consider signing up for our self-paced Chainalysis Cryptocurrency Fundamentals Certification.

Video 5m

  • What is an NFT?
  • Feedback

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